Two US banks - Goldman Sachs and JP Morgan - controversially announced this week that they had decided to increase their pots by 6% and 5% respectively this year.

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But Mr Winters has a reputation - acquired when he was co-head of JP Morgan Investment Bank - for being his own person.

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Here you have 800bn euros of foreign-owned government bonds, 600bn euros of foreign-owned corporate bonds, and 300bn euros of foreign-owned listed equities (numbers from JP Morgan) - together with E3 trillion of deposits.

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